Axiata to help micro SMES

KUALA LUMPUR: In weathering the socio-economic storm induced by the Covid19 pandemic containment measures, the government and some large businesses such as Axiata Group Bhd have been focusing on initiatives to support the small and medium enterprises (SMES).

SMES account for about 98.5% of businesses in the country, with some six million workers in employment, and contribute about 38% of the country’s gross domestic product.

The hardest hit among the SMES are micro-enterprises including food and catering, home and vehicle maintenance, childcare, freelance services, and personal grooming.

Defined as businesses with a turnover of less than RM250,000 per annum and with fewer than five employees, micro-enterprises make up a whopping 70% of the local SME ecosystem.

Axiata is extending support to micro-enterprises in helping them stay afloat.

The group, together with its subsidiaries axiata Digital, Celcom Axiata Bhd and edotco Group, have embarked on the Axiata Covid19 assistance programme, which offers a Rm150mil fund, with the support of the Finance Ministry.

Aspirasi, a digital financial services provider, supports the programme via Aspirasi Assist, which is the platform that is channeling funds to micro-businesses.

Aspirasi Assist is offering this underserved segment of businesses syariah-compliant micro-financing assistance ranging from RM1,000 to RM10,000, with concessional terms such as 0.5% profit rate, and repayment suspension for six months to enable merchants to recover as curbs on economic activities are loosened up.

For more information on the programme, please visit www.aspirasi.co or email info@ aspirasi.co. — Bernama